H.L. Mencken once called Henry Hazlitt “one of the few economists in human history who could really write.” Another was Leland B. Yeager, who died April 23 at 93. A professor emeritus at both the University of Virginia and Auburn, Yeager passionately defended free trade, including in currencies. He defended economic freedom on the grounds that it was not only efficient but also ethical.
He challenged trade restrictions with devastating examples—such as this, from a 1954 monograph:
“Delays in customs sometimes cost importers dearly. Customs men held up some specially-designed stadium boots being imported for the Christmas market while trying to decide whether their ‘component material of chief value’ was the crepe-rubber sole, the leather upper, the wool lining, or the rayon sock lining. The decision finally came through in February! A shipment of women’s coats from Holland was delayed three weeks while officials wondered whether to charge duty according to the wool or the buttons.”
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